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Old 06-13-2005, 12:27 PM
doylemusic doylemusic is offline
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Default CD sales and tax

Hey If a local band sells CD's out of their trunk (at a gig, or whatever) do they have to pay taxes to the state? Just looking for some info on this. If you can steer me in the right direction, that would be great. Thanks
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Old 06-13-2005, 01:27 PM
Calvin Calvin is offline
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Default Re: CD sales and tax

first they would have to register as a business and you won't find a single band that is actually registered unless they are at least touring nationally. It is a expensive process to officially register a band as a business and having someone that actually knows how to keep books is hard for most bands to come by.
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Old 06-13-2005, 01:30 PM
doylemusic doylemusic is offline
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Default Re: CD sales and tax

I hear what you are saying and you are definetely right. But are they legally liable for taxes?
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Old 06-13-2005, 02:02 PM
northridgedave northridgedave is offline
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Default Re: CD sales and tax

You need to speak to an accountant in your state.
Generally speaking, income is income. Sales are sales. If your state charges tax on the sale of CD's, the group is probably liable for those taxes.
Then there is the issue of income generated by those sales.
Income is usually offset by expenses incurred (accurate record keeping is key).
Once again, you need to speak with an accountant, preferably one with experience in the music biz.
Good luck and good sales.
David
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Old 06-13-2005, 02:09 PM
doylemusic doylemusic is offline
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Default Re: CD sales and tax

Thanks
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